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Grupo Elektra pays $658 million for Advance America

Tuesday, April 24, 2012

Mexican financial services company Grupo Elektra completed its acquisition of payday lender Advance America, Cash Advance Centers Inc. for approximately $658 million.

The companies announced the deal in February and at that time put the total value of the transaction at $780 million, which includes Advance America's outstanding debt.

Grupo Elektra is a provider of banking services, credit and other financial products to people in Mexico and in other Latin American countries, including Brazil, El Salvador, Guatemala, Honduras, Panama and Peru.

Source: AP